Today Altrata, the leading provider of insight into the wealthy and influential, released a new report that examines the wealthy population in San Francisco. The San Francisco metropolitan area is home to more than 530,000 millionaires. One in 10 is a very high net worth (VHNW) individual with a fortune of between $5m and $30m.
Earlier this year, Altrata released its 2023 World Ultra Wealth Report, which ranks San Francisco fifth, globally for the size of its ultra high net worth (UNHW) population, with 4,380 individuals each holding a personal fortune of $30m or more. Within this super-rich class is an exclusive group of 84 billionaires, the third-largest total for any global city after New York and Hong Kong.
San Francisco is known as a global tech hub, but banking and finance is the primary industry associated with the largest proportion of its UHNW residents or the industry where they spend most of their time.
While finance also dominates most of the world’s leading wealth centers, the 41% share across the San Francisco metro area is well above the national average (26%) and almost three times that of the technology sector.
Among the numerous findings the report reveals:
- 62.5 is the median age of the city’s ultra wealthy class, almost five years lower than that of the national UHNW population, putting it on a par with the younger demographic pattern in parts of Asia and the Middle East
- 90% of the city’s UHNW individuals have entirely self-made wealth, well above the global average of 73% and higher than in most other wealth markets
- Liquid assets account for the largest share of wealth, although public holdings are strongly favored by the tech-focused ultra wealthy
- Philanthropy is the leading interest followed by technology, which is twice as popular as it is among the US UHNW population as a whole
- The ultra wealthy in San Francisco have a higher share of self-made fortunes than the US ultra wealthy average
San Francisco ranks highly not only in terms of ultra wealthy numbers but also for the elevated share of UHNW individuals among its general population. There is one ultra wealthy person for every 1,060 city residents, the seventh-highest density of all global wealth centers.
Altrata’s 2023 Spotlight: The Wealthy in San Francisco uses Wealth-X’s comprehensive database and detailed Wealth and Investable Assets Model. This report provides unrivaled insight on the wealthy in the metro area, making it an essential read for any organization looking to prospect for and engage with this group of individuals.